what if i can't sell my house?

Do you need the proceeds to qualify for the new loan? Can you qualify for both mortgage payments with tax and insurance? There are many questions that need to be asked and answered. You need to speak with a licensed loan officer and outline what it is you are trying to accomplish. Since you already made an offer, that suggests you are already pre-approved so you should speak with your loan officer. Feel free to call me if you have questions. Gregorio Denny WeFixRates.Com 800-335-6897

Hello. If you decide to rent your home, you will not be allowed to use rental income to qualify for your new loan UNLESS you can prove you have more than 25% equity. This is done by an appraisal. These rules apply to FHA financing. I would be happy to speak with you regarding a Pre-Approval. adennie@fmbranch.com. Thank you.

Gregorio Denny is right. It sounds like you're already pre-approved with a lender if you made an offer; seek advice from your loan officer on this one. If you need money from the sell to qualify, you're probably stuck trying to sell. If it's just a debt ratio issue, then you can try to rent it out by the time you close, but that requires certain documentation, etc., just to get the debt "zeroed-out." If it's selling you need to do, I can promise you from what I've seen that it comes down to 3 three things: exposure, time and price. Any Realtor who tells you it's about location or condition is just appeasing you, and they're not telling you those are already factors in how it's priced. So, if it's getting enough exposure (sounds like it is, if it's listed with a Realtor), and your time line is short, then price is the only thing you can control that will improve your market absorption rate...you probably need to drop it. You need to consult with your realtor and loan officer to determine what you "can do" first; then you can make a more educated decision about how to approach the sell of your home.

Mae,Few options are available for someone in your situation, the fact that you have not been able to sell your existing property has alot to do with the Real Estate Agent that you are working with. Depending on where your property is located we can recommend couple of Realtors to advise you. please feel free to call or email me for more information. - Houtan.Hormozian@Crestico.com / 949 242 5215